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Economy

CBN Injects $9b into Forex Market in 7 Months—Report

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forex Black Market

By Modupe Gbadeyanka

Not less than $9 billion has been released to the foreign exchange (forex) market in the last seven months by the Central Bank of Nigeria (CBN) in order to keep the Naira at the current rate it trades at the market, Daily Trust is reporting.

The apex bank started its regular intervention on February 21, 2017 and the forex sales were intended to cover for personal and business travels, medical needs, and school fees, futures market and other approved transactions.

Since then till August 31, Daily Trust said about $9 billion has so far been released based on all the official data of forex sales released to the public by the CBN within the period.

When this intervention began, the local currency was being traded at over N520 per Dollar, but at the moment, it has been hovering around N360 to N370 per Dollar.

On February 21, when the CBN interventions began, the CBN offered for sale $370,810,810.79 to 23 banks to meet the “visible and invincible” requests of customers. At the end of February, the CBN had sold out some $550,900,000 in interventions.

Over the next six months FX sales by the CBN were as follows: March; $1,022,000,000; April, $1,321,860,000; May, N1, 422,800,000; June, $1,651,500,000; July, $1,638,800,000 and August, $1,301,000,000.

Thus in seven months, CBN had intervened in the forex market to the tune of $8,908,860,000. Within the period, the Naira appreciated from N520/$1 to N365 to the Dollar at the parallel market.

The forex intervention also doused tensions in the forex market and forced rent seekers out of the market.

But experts wonder whether the cost to the country of nearly $9 billion, against the gains recorded are worth it.

They argue that it is worrying the CBN is funding the market more than the private sector investors,. The private sector ideally should fund the FX market more than the Central Bank, they argue.

Prior to Nigeria’s forex crisis, the market was funded by both the private sector and the CBN.

At the beginning, Nigeria had about $2.7 billion foreign investment from the JP Morgan and $500 million from Barclays but all of these monies were taken out when the CBN tightened controls on the Naira.

Nigeria’s external reserve dropped to $28 billion and the CBN couldn’t meet a lot of forex demands such as the repatriation of funds by the airlines.

To conserve the foreign reserve, the CBN had even stopped funding BDCs and invisibles in addition to restriction of forex on 41 items.

Mr Moses Azege, a Lagos based financial expert said the CBN intervention was unusual, the market didn’t expect it but it worked in stabilising the market.

“Before the intervention, the market was volatile, a lot of profiteering and the banks also got into the business of round tripping,” he said.

He however noted that, the intervention averted the forex apprehension, and ended business for rent seekers and speculators.

On whether the CBN move was sustainable he said, so far, the CBN has shown it can sustain it with the level of interventions.

Mr Rislanudeen Mohammed, the former Acting Managing Director, Unity Bank Plc, said the “Central Bank intervention over the last several months has impacted positively in stabilizing the foreign exchange market and reducing the gap between parallel and black market rates from about N520 to a dollar to the present rate of about N365.”

The “Forex liquidity has also helped in reducing the impact of cost push and imported inflation as evidenced by consistent reduction in core inflation data to present level of 16.05 percent as released by National bureau of statistics. Introduction of NAFEX has also improved transparency in the market hence incentivizing foreign portfolio as well as direct investments” he noted.

However, he explained that “sustaining this intervention is both unrealistic and impossible in the long term. Note that positive oil price, improved oil output as a result of reduced sabotage by Niger delta avengers as well as output quota waiver by OPEC combined to support improved forex income earnings and consolidating improved foreign reserves despite the intervention and attendant depletion of the reserve. Those three factors may not last ad infinitum. To consolidate on success made so far, we need to expeditiously walk the talk in export income diversification.”

On whether the naira can exchange for N200/$1 in the near future he said, it is basically a function of demand and supply. But even the IMF is looking at N365 as the official rate. But it can be determined by market forces” he said.

Nigeria’s foreign exchange reserves stood at a two and a half-year high of $31.81 billion as of August 29, the CBN data showed yesterday.

The latest figure was at a level it last reached in January 2015. Experts have attributed the appreciation of the local currency to the growth in the external reserve and ability of the apex bank to provide enough forex for the market.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

Economy

NGX Group’s 65th Annual General Meeting Holds April 29

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NGX Group Shares

By Aduragbemi Omiyale

The 65th Annual General Meeting (AGM) of the Nigerian Exchange (NGX) Group Plc has been fixed for Wednesday, April 29, 2026, at 11:00 am at its corporate head office on 2–4 Customs Street, Lagos.

Business Post gathered that the meeting would be streamed live on the company’s website and social media platforms to enable broader participation by shareholders and stakeholders unable to attend physically.

As part of a special business, shareholders will consider a proposed bonus issue of one new ordinary share for every three existing shares held as at the close of business on April 10, 2026, subject to regulatory approvals.

The proposal also includes an increase in the organisation’s share capital from N1,102,309,954 to N1,469,746,605, to accommodate the bonus shares and amendments to the Memorandum of Association to reflect the new capital structure.

Also at the gathering, shareholders will consider and, if deemed fit, approve the company’s audited financial statements for the year ended December 31, 2025, alongside the reports of the directors, auditors, board evaluation consultants, and audit committee.

The meeting will also deliberate on the declaration of a final dividend and the re-election of three non-executive directors retiring by rotation, who are Mr Umaru Kwairanga, Mrs Ojinika Olaghere, and Dr Okechukwu Itanyi.

Other ordinary business items on the agenda include authorising the board to fix the remuneration of the external auditors, determining the remuneration of managers, and electing members of the statutory audit committee.

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Economy

BNB Price Reflects Changing Dynamics in the Digital Asset Market

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BNB price

Digital asset markets have slowed, though not in a dramatic way. Things are still moving, just not with much urgency. The BNB price reflects that shift, sitting within a tighter range as broader conditions begin to shape behavior more than short bursts of demand.

It can feel uneventful at first. No strong push higher, no sharp drop either. But the movement is still there. It just does not travel far. A rise begins, then fades. A dip forms, then steadies again. It repeats more than you might expect.

That pattern tends to linger. Sometimes longer than people anticipate, especially when there is no clear reason for it to change quickly.

BNB Price Movement Reflects Exchange-Driven Demand

BNB does not behave like assets that rely purely on outside demand. Its connection to the Binance ecosystem changes that.

Usage matters here. Trading activity, transaction volume and general platform engagement all feed into how BNB is used. That connection is not always obvious in the short term, but it sits underneath everything.

Sometimes it shows up clearly. Other times it does not. The relationship is there either way.

When activity holds steady, price often follows that tone. It does not surge, but it does not weaken much either. It stays somewhere in the middle, supported without needing strong momentum. It reflects usage more than speculation in many cases.

Market Conditions Continue to Shape Price Behaviour

There is also the wider market to consider. Binance has pointed out that liquidity remains tight, with capital concentrating in a smaller number of assets.

Bitcoin still holds close to 59% of the market. Ethereum sits much lower, around 11.8%. After that, the drop-off becomes more noticeable. Smaller assets make up far less than they once did. That shift matters. It changes how everything moves.

When capital gathers like this, movement tends to compress. Prices still change, but not as freely. It becomes harder for assets to break away from the general pattern.

BNB is part of that. It does not sit outside these conditions. It moves with them more often than against them.

BNB Utility Remains Central to Its Value

There is also the question of utility, which tends to be discussed but not always fully understood.

BNB is used across the Binance ecosystem in practical ways. Fees, transactions, access to services. These are not abstract use cases. They happen regularly, even when markets feel quiet.

That kind of activity does not always push prices higher. But it does create a base level of demand. Something that holds, rather than drives.

Over time, that can matter more than short bursts of interest. It gives the asset a different kind of stability. Not fixed, but less reactive. That difference tends to show up more clearly over longer periods.

Institutional and Retail Activity Remain Balanced

Participation is mixed. Institutional involvement has increased, but it does not dominate. Retail activity is still there and often more visible in certain phases. Neither side controls the market on its own. That is part of why movement feels less defined.

At times, it can seem like different forces are pulling in slightly different directions. Not enough to create volatility, but enough to prevent a clear trend from forming.

So price moves, then pauses. Moves again, then settles. It continues like that, without fully committing to either direction.

Global Participation Continues to Expand

Outside of price, participation continues to grow. Estimates suggest global cryptocurrency users are now approaching 860 million, reflecting continued expansion across digital asset markets.

That kind of growth does not always appear in charts straight away. It builds slowly. People enter the space, others remain active and usage continues in ways that are not always easy to track day to day.

BNB sits within that broader expansion. As the ecosystem grows, so does the potential for continued use. It is not immediate. It rarely is. But it accumulates over time. That gradual build tends to matter more than short-term spikes.

Local Economic Conditions Add Perspective

Broader economic conditions still play a role. Inflation remains around the mid-teen range, which suggests the environment is stabilizing, though not completely settled.

That kind of backdrop tends to influence behavior. When conditions feel uncertain, decisions become more measured.

It does not directly control how BNB moves. But it helps explain the pace. Why do things feel slower, more contained? Markets do not exist in isolation, even when they seem separate. External factors tend to feed in gradually.

Right now, the market feels balanced more than anything else. The B&B price reflects that. Not pushing higher, not dropping away. Just holding.

There is still activity underneath. Usage continues. Participation grows. Liquidity shifts, even if it is not always visible.

For now, BNB is sitting in that middle space. Not doing too much, but not losing ground either. It might not stand out. But these phases tend to matter more than they first seem. Over time, they often shape what comes next, even if that is not immediately obvious.

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Economy

NASD Unlisted Security Index Crosses 4,000-point Benchmark Again

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NASD Unlisted Security Index

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.

Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.

The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.

The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.

However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.

During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.

At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.

GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.

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